"Defense News" reports in its latest issue that some of IAI-Elta Electronics Industries' new orders and backlog come from a $1.1 billion contract for the sale of three AWACS (airborne warning and control systems) planes to the Indian Air Force.
In a press release dated January 19, 2005, Elta states, "In late 2004, Elta Systems signed contracts with various customers in Israel and overseas. Most of the total amount is from a deal to deliver advanced visual intelligence systems to a foreign customer."
"Defense News" reports that security restrictions did not permit the company to reveal the identity of the foreign customer or the specific systems.
There have been many reports about negotiations between Israel and India for the sale of AWACS planes official statement that a contract for the deal has been signed.
Elta CEO Israel Livnat told "Defense News" that the company hoped to reap many fruits from its focus on its "50-80" solution. In this method, Elta engineers compress high-performance sensors into compact executive jets. The systems have over 80% of the performance capabilities of systems for large planes at half the cost.
Elta marketing manager Avi Reich said the company was now bidding with Gulfstream and L-3 Communications (NYSE:LLL) against Boeing (NYSE:BA) in a tender worth over $1 billion to supply AWACS planes to the Republic of Korea Air Force.
Published by Globes [online], Israel business news - www.globes.co.il - on February 1, 2005